He urged California’s largest public pension fund to act quickly to address rising costs saying failure to do so would widen the fund’s liabilities by billions of dollars.
Gov. Jerry Brown and Democrats in the state Assembly have drafted legislation they hope will help California keep about $1.6 billion in federal transportation money after the state scaled back some public employee pension benefits.
A rare pension perk for top administrators is costing a local school district tens of thousands of dollars—something parents and teachers were outraged over.
Elk Grove will be forking out an additional $1.5 million dollars a year to cover increasing public pension costs.
Sacramento’s top cop is calling it quits, but the checks will sure keep coming. At 53-years-old, Chief Rick Braziel will pocket a pension of about $200,000 dollars a year for life.
The chief actuary of California’s main pension fund is urging it to lower its assumed rate of return on investments. That likely would force the state and 3,000 local agencies to increase their annual contributions.
A Stanford University think tank says two dozen local governments in California face a combined $135.7 billion in unfunded pension liabilities.
A three-month investigation by CBS 13 reveals the list of retired government workers collecting six-figure pensions has grown by more than 3,000 names in the past year.
A new study by a pension-reform group suggests California state and local governments could save billions of dollars a year by moving to a hybrid retirement plan similar to one used by the federal government.
Gov. Jerry Brown is proposing changes to California’s public pension system, just days after budget talks broke down in part amid disagreements over pension reforms.